By Allan H. Meltzer
808 pages | forty seven line drawings, seventy six tables | 6 x nine | © 2002
Allan H. Meltzer's enormous historical past of the Federal Reserve approach tells the tale of 1 of America's such a lot influential yet least understood public associations. this primary quantity covers the interval from the Federal Reserve's founding in 1913 throughout the Treasury-Federal Reserve Accord of 1951, which marked the start of a bigger and vastly replaced institution.
To comprehend why the Federal Reserve acted because it did at key issues in its historical past, Meltzer attracts on assembly mins, correspondence, and different inner files (many made public merely throughout the Nineteen Seventies) to track the reasoning in the back of its coverage judgements. He explains, for example, why the Federal Reserve remained passive all through many of the fiscal decline that resulted in the nice melancholy, and the way the Board's activities helped to provide the deep recession of 1937 and 1938. He additionally highlights the impression at the establishment of people reminiscent of Benjamin powerful, governor of the Federal Reserve financial institution of latest York within the Twenties, who performed a key function within the adoption of a extra energetic financial coverage by way of the Federal Reserve. Meltzer additionally examines the impact the Federal Reserve has had on overseas affairs, from makes an attempt to construct a brand new overseas economic system within the Nineteen Twenties to the Bretton Woods contract of 1944 that confirmed the overseas financial Fund and the realm financial institution, and the failure of the London monetary convention of 1933.
Written by way of one of many world's best economists, this magisterial biography of the Federal Reserve and the folks who contributed to shaping it is going to curiosity economists, vital bankers, historians, political scientists, policymakers, and someone looking a deep realizing of the establishment that controls America's handbag strings.
"It was once 'an unparalleled orgy of extravagance, a mania for hypothesis, overextended enterprise in approximately all traces and in each part of the country.' An Alan Greenspan rumination concerning the irrational exuberance of the overdue Nineties? test the 1920 annual record of the board of governors of the Federal Reserve. . . . to appreciate why the Fed acted because it did—at those severe moments and lots of others—would require years of analysis, poring over letters, the mins of conferences and inner Fed files. any such activity could obviously deter so much students of monetary background yet now not, thank goodness, Allan Meltzer."—Wall highway Journal
"A seminal paintings that any one drawn to the interior workings of the U. S. principal financial institution should still learn. a piece that students will mine for years to come."—John M. Berry, Washington Post
"An incredibly transparent tale approximately why, because the principles that really expert coverage developed, issues occasionally went good and infrequently went badly. . . . possible in basic terms desire that we don't have to attend too lengthy for the second one installment."—David Laidler, magazine of monetary Literature
"A thorough narrative background of a excessive order. Meltzer's research is persuasive and acute. His paintings will stand for a iteration because the benchmark background of the world's strongest monetary establishment. it truly is a powerful, even awe-inspiring achievement."—Sir Howard Davies, occasions better schooling complement
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Extra resources for A History of the Federal Reserve: 1913-1951 (A History of the Federal Reserve, Volume 1)
Marshall 1961: I, 503, cf. 85, 101, n1, 525; 1921: 396–7; 1923: 167) Marshall’s position therefore depends in part on the characteristics he ascribed to Ricardo’s Principles, which in the previous section were shown to be no longer sustainable on the current information about Ricardo’s writing of that book. 10 Last, Marshall demonstrates Ricardo’s awareness of the role of demand and the nature of wants from textual evidence in Ricardo’s Principles. Marshall correctly suggests that Ricardo believed utility to be absolutely essential to value, though not to the measure of value.
Marshall’s drafts for the uncompleted volume on international trade say little about Ricardo’s views on the subject. The few references to his work, all either critical or non-substantial, include brief mentions of Ricardo’s doctrine on gross and net revenue, fixed capital in foreign trade and its effect on employment, and also a historical comment portraying Quesnay and Ricardo as founders of the ‘two first schools of abstract economics’ (Whitaker 1975: II, 61, 99, 85 respectively). : II, 106).
In a more detailed historical framework, Pasinetti (1986) developed this theme further by examining the theory of value as a source of alternative paradigms in economic analysis. These alternative approaches are reflected in the classical labour model focusing on production, and the pure exchange or pure preference model which came into its own in the post-1870s marginalist period. Basing itself in part on Pasinetti’s interpretation of Ricardo and, more generally, the Sraffa-inspired interpretations, this chapter implicitly confronts such interpretations with the influential perspective on Ricardo’s economics by Alfred Marshall, the founder of that Cambridge school of economics of which Pasinetti himself is such a distinguished product.